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DSG International exceeds profit forecasts

DSG International, the owner of the Dixons, Currys and PC World chains, has today issued results for the 24 weeks to October 2009. While the company lost £17.6 million during this period it is a marked improvement on analyst forecasts of a loss of £27 million. Like-for-like sales fell by 4% and overall the group saw a 1% fall in group sales to £3.3 billion. However, the company is cautiously optimistic for the future.

The likes of Dixons, Currys and PC World have been hit very hard over the last two years as consumers deserted the high street with a need to cut back on their luxury spending. The group has been battling to escape from the doldrums of the UK retail sector and while today's figures are much better than expected they are still well below the company's "normal trading levels".

Indeed the DSG International management believe that the group will take a further 18 months to return to more traditional trading levels, which is a perfect illustration of how difficult it has been on the high street and how difficult it continues to be. While analysts may now be looking at their figures for 2010 and beyond, with a more positive outlook, there is still some concern about the overall retail sector.

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